Download the Applying Excel form and enter formulas in all cells that contain question marks.

For example, in cell D21 enter the formula "= D6".

Notes:

In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell B25 would be "=ABS(F21?F22)".

• Cells C25 through C27, C34 through C36, and C43 through C45 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells?if you do, you will overwrite these formulas.
• After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text.

Check your worksheet by changing the direct materials standard quantity in cell B6 to 2.9 pounds, the direct labor standard quantity in cell B7 to 0.6 hours, and the variable manufacturing overhead in cell B8 to 0.6 hours. The materials spending variance should now be $1,500 U, the labor spending variance should now be $3,720 F, and the variable overhead spending variance should now be $60 F. If you do not get these answers, find the errors in your worksheet and correct them.

9 Search AutoSave @ Off Chapter_10_Applying_Excel_Student_Form - Compatibility Mode - Excel File Home Insert Page Layout Formulas D a Review View Help Arial - 10 - A A 29 Wrap Text General Paste LE E E Merge & Center $ % Conditiona Formatting Clipboard Font Alignment Number K20 C D G 4 Exhibit 10-1: Standard Cost Card 5 Inputs Standard Quantity Standard Price 6 Direct materials 3.0 pounds $4.00 per pound 7 Direct labor 0.50 hours $22.00 per hour 8 Variable manufacturing overhead 0.50 hours $6.00 per hour 9 10 Actual results: 11 Actual output 2,000 units 12 Actual variable manufacturing overhead cost $7 140 13 Actual Quantity Actual price 14 Actual direct materials cost 6,500 pounds 15 Actual direct labor cost $3.80 per pound 1,050 hours 16 $21.60 per hour 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 10 19 20 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials 21 Actual Quantity of Input, at Actual Price 22 Actual Quantity of Input, at Standard Price ? pounds * $4.00 per pound = 23 Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds ? per pound = 24 Direct materials variances: ? pounds x ? per pound = 25 Materials price variance 26 Materials quantity variance 27 Materials spending variance 28 29 Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor 20 Actual Hours of Innit at Antrial Doto Chapter 9 Form hours 2 per hour Ready Type here to search O e a